Teachers Retirement System of The State of Kentucky Purchases 77,500 Shares of Shopify Inc. (NYSE:SHOP)

Teachers Retirement System of The State of Kentucky lifted its holdings in shares of Shopify Inc. (NYSE:SHOP - Free Report) TSE: SHOP by 29.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 342,030 shares of the software maker's stock after acquiring an additional 77,500 shares during the period. Teachers Retirement System of The State of Kentucky's holdings in Shopify were worth $27,409,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Sunbelt Securities Inc. increased its stake in shares of Shopify by 0.7% during the 3rd quarter. Sunbelt Securities Inc. now owns 14,504 shares of the software maker's stock valued at $1,162,000 after acquiring an additional 105 shares during the last quarter. Moser Wealth Advisors LLC increased its position in Shopify by 1.4% during the third quarter. Moser Wealth Advisors LLC now owns 9,424 shares of the software maker's stock worth $755,000 after purchasing an additional 128 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its position in Shopify by 7.0% during the third quarter. Massmutual Trust Co. FSB ADV now owns 1,983 shares of the software maker's stock worth $159,000 after purchasing an additional 129 shares during the last quarter. Rosenberg Matthew Hamilton raised its stake in Shopify by 41.3% during the third quarter. Rosenberg Matthew Hamilton now owns 455 shares of the software maker's stock worth $36,000 after purchasing an additional 133 shares during the period. Finally, CVA Family Office LLC grew its stake in shares of Shopify by 11.8% during the 3rd quarter. CVA Family Office LLC now owns 1,354 shares of the software maker's stock valued at $109,000 after buying an additional 143 shares during the period. Hedge funds and other institutional investors own 69.27% of the company's stock.

Shopify Price Performance

Shopify stock traded up $3.92 during trading hours on Wednesday, hitting $117.37. 6,369,154 shares of the company traded hands, compared to its average volume of 9,232,884. The firm's 50-day simple moving average is $93.99 and its two-hundred day simple moving average is $76.84. The company has a quick ratio of 7.10, a current ratio of 7.10 and a debt-to-equity ratio of 0.09. The firm has a market cap of $151.65 billion, a P/E ratio of 109.65, a P/E/G ratio of 3.08 and a beta of 2.46. Shopify Inc. has a 1-year low of $48.56 and a 1-year high of $120.72.

Analyst Ratings Changes

Several brokerages recently weighed in on SHOP. Robert W. Baird increased their target price on Shopify from $90.00 to $126.00 and gave the stock an "outperform" rating in a research report on Wednesday, November 13th. Loop Capital upgraded Shopify from a "hold" rating to a "buy" rating and upped their price target for the stock from $110.00 to $140.00 in a report on Friday, December 6th. DZ Bank downgraded shares of Shopify from a "hold" rating to a "sell" rating in a research note on Thursday, November 21st. Wedbush reaffirmed a "neutral" rating and set a $115.00 target price (up from $72.00) on shares of Shopify in a research report on Tuesday, November 12th. Finally, Wells Fargo & Company upped their target price on Shopify from $90.00 to $120.00 and gave the company an "overweight" rating in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, sixteen have given a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $98.08.

About Shopify

Shopify Inc, a commerce company, provides a commerce platform and services in Canada, the United States, Europe, the Middle East, Africa, the Asia Pacific, Australia, China, and Latin America. The company's platform enables merchants to displays, manages, markets, and sells its products through various sales channels, including web and mobile storefronts, physical retail locations, pop-up shops, social media storefronts, native mobile apps, buy buttons, and marketplaces; and enables to manage products and inventory, process orders and payments, fulfill and ship orders, new buyers and build customer relationships, source products, leverage analytics and reporting, manage cash, payments and transactions, and access financing.